Luckin raises $561 million to battle Starbucks in China

Luckin Coffee, a homegrown rival to Starbucks in China, on Thursday raised $561 million in its IPO, after increasing its number of offered shares and pricing at the top of its $15-$17 range. It will begin trading tomorrow on the Nasdaq under ticker LK.

Why it matters: This may be one of the few companies to actually benefit from the U.S.-China trade war escalation, as increased nationalism could prompt Chinese coffee drinkers to choose Luckin over its Seattle-based competitor.